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LifeStance Health Group, Inc.（LFST）与SPS COMMERCE INC（SPSC）财务数据对比。点击上方公司名可切换其他公司
LifeStance Health Group, Inc.的季度营收约是SPS COMMERCE INC的2.0倍（$382.2M vs $192.7M），SPS COMMERCE INC净利率更高（13.4% vs 3.1%，领先10.4%），LifeStance Health Group, Inc.同比增速更快（17.4% vs 12.7%），LifeStance Health Group, Inc.自由现金流更多（$46.6M vs $38.2M），过去两年SPS COMMERCE INC的营收复合增速更高（13.5% vs 12.8%）
LifeStance Health Group是美国的门诊行为健康服务提供商，支持线下面诊与远程诊疗两种服务模式，业务涵盖心理咨询、精神科诊疗、经颅磁刺激（TMS）以及氯胺酮治疗等。该公司曾多次因劳动违规、客户信息泄露及误导投资者相关问题遭遇诉讼。
SPS Commerce是美国的应用软件科技企业，主打云端供应链管理软件解决方案，总部位于明尼苏达州明尼阿波利斯。除新泽西的美国本土办公室外，公司还在阿姆斯特丹、北京、香港、墨尔本、悉尼、多伦多等全球多地设有分支机构。
LFST vs SPSC — 直观对比
营收规模更大
LFST
是对方的2.0倍
$192.7M
营收增速更快
LFST
高出4.7%
12.7%
净利率更高
SPSC
高出10.4%
3.1%
自由现金流更多
LFST
多$8.4M
$38.2M
两年增速更快
SPSC
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $382.2M | $192.7M |
| 净利润 | $11.7M | $25.8M |
| 毛利率 | — | 70.4% |
| 营业利润率 | 4.7% | 18.0% |
| 净利率 | 3.1% | 13.4% |
| 营收同比 | 17.4% | 12.7% |
| 净利润同比 | 264.1% | 47.2% |
| 每股收益（稀释后） | — | $0.69 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收LFSTSPSC
| Q4 25 | $382.2M | $192.7M | ||
| Q3 25 | $363.8M | $189.9M | ||
| Q2 25 | $345.3M | $187.4M | ||
| Q1 25 | $333.0M | $181.5M | ||
| Q4 24 | $325.5M | $170.9M | ||
| Q3 24 | $312.7M | $163.7M | ||
| Q2 24 | $312.3M | $153.6M | ||
| Q1 24 | $300.4M | $149.6M |
净利润LFSTSPSC
| Q4 25 | $11.7M | $25.8M | ||
| Q3 25 | $1.1M | $25.6M | ||
| Q2 25 | $-3.8M | $19.7M | ||
| Q1 25 | $709.0K | $22.2M | ||
| Q4 24 | $-7.1M | $17.6M | ||
| Q3 24 | $-6.0M | $23.5M | ||
| Q2 24 | $-23.3M | $18.0M | ||
| Q1 24 | $-21.1M | $18.0M |
毛利率LFSTSPSC
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
营业利润率LFSTSPSC
| Q4 25 | 4.7% | 18.0% | ||
| Q3 25 | 2.0% | 16.4% | ||
| Q2 25 | -0.9% | 14.1% | ||
| Q1 25 | 0.5% | 14.3% | ||
| Q4 24 | 0.3% | 14.5% | ||
| Q3 24 | 0.0% | 15.6% | ||
| Q2 24 | -5.1% | 15.1% | ||
| Q1 24 | -5.6% | 10.3% |
净利率LFSTSPSC
| Q4 25 | 3.1% | 13.4% | ||
| Q3 25 | 0.3% | 13.5% | ||
| Q2 25 | -1.1% | 10.5% | ||
| Q1 25 | 0.2% | 12.2% | ||
| Q4 24 | -2.2% | 10.3% | ||
| Q3 24 | -1.9% | 14.3% | ||
| Q2 24 | -7.5% | 11.7% | ||
| Q1 24 | -7.0% | 12.0% |
每股收益（稀释后）LFSTSPSC
| Q4 25 | — | $0.69 | ||
| Q3 25 | — | $0.67 | ||
| Q2 25 | — | $0.52 | ||
| Q1 25 | — | $0.58 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | — | $0.62 | ||
| Q2 24 | — | $0.48 | ||
| Q1 24 | — | $0.48 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $248.6M | $151.4M |
| 总债务越低越好 | $282.8M | — |
| 股东权益账面价值 | $1.5B | $973.9M |
| 总资产 | $2.2B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资LFSTSPSC
| Q4 25 | $248.6M | $151.4M | ||
| Q3 25 | $203.9M | $133.7M | ||
| Q2 25 | $188.9M | $107.6M | ||
| Q1 25 | $134.3M | $94.9M | ||
| Q4 24 | $154.6M | $241.0M | ||
| Q3 24 | $102.6M | $205.8M | ||
| Q2 24 | $87.0M | $271.8M | ||
| Q1 24 | $49.5M | $290.8M |
总债务LFSTSPSC
| Q4 25 | $282.8M | — | ||
| Q3 25 | $284.6M | — | ||
| Q2 25 | $286.4M | — | ||
| Q1 25 | $288.2M | — | ||
| Q4 24 | $290.0M | — | ||
| Q3 24 | $287.3M | — | ||
| Q2 24 | $288.0M | — | ||
| Q1 24 | $288.8M | — |
股东权益LFSTSPSC
| Q4 25 | $1.5B | $973.9M | ||
| Q3 25 | $1.5B | $958.9M | ||
| Q2 25 | $1.5B | $949.8M | ||
| Q1 25 | $1.5B | $920.9M | ||
| Q4 24 | $1.4B | $854.7M | ||
| Q3 24 | $1.4B | $829.4M | ||
| Q2 24 | $1.4B | $703.4M | ||
| Q1 24 | $1.4B | $683.0M |
总资产LFSTSPSC
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $2.1B | $1.1B | ||
| Q4 24 | $2.1B | $1.0B | ||
| Q3 24 | $2.1B | $1.0B | ||
| Q2 24 | $2.1B | $854.5M | ||
| Q1 24 | $2.1B | $839.8M |
负债/权益比LFSTSPSC
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | 0.19× | — | ||
| Q1 25 | 0.20× | — | ||
| Q4 24 | 0.20× | — | ||
| Q3 24 | 0.20× | — | ||
| Q2 24 | 0.20× | — | ||
| Q1 24 | 0.20× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $57.6M | $45.9M |
| 自由现金流经营现金流 - 资本支出 | $46.6M | $38.2M |
| 自由现金流率自由现金流/营收 | 12.2% | 19.8% |
| 资本支出强度资本支出/营收 | 2.9% | 4.0% |
| 现金转化率经营现金流/净利润 | 4.93× | 1.78× |
| 过去12个月自由现金流最近4个季度 | $110.0M | $152.3M |
8季度趋势，按日历期对齐
经营现金流LFSTSPSC
| Q4 25 | $57.6M | $45.9M | ||
| Q3 25 | $27.3M | $60.6M | ||
| Q2 25 | $64.4M | $32.3M | ||
| Q1 25 | $-3.1M | $40.0M | ||
| Q4 24 | $62.3M | $40.6M | ||
| Q3 24 | $22.7M | $53.3M | ||
| Q2 24 | $44.1M | $29.4M | ||
| Q1 24 | $-21.8M | $34.1M |
自由现金流LFSTSPSC
| Q4 25 | $46.6M | $38.2M | ||
| Q3 25 | $17.0M | $54.6M | ||
| Q2 25 | $56.6M | $25.7M | ||
| Q1 25 | $-10.3M | $33.8M | ||
| Q4 24 | $56.0M | $34.3M | ||
| Q3 24 | $17.7M | $48.1M | ||
| Q2 24 | $39.0M | $24.4M | ||
| Q1 24 | $-26.9M | $30.5M |
自由现金流率LFSTSPSC
| Q4 25 | 12.2% | 19.8% | ||
| Q3 25 | 4.7% | 28.7% | ||
| Q2 25 | 16.4% | 13.7% | ||
| Q1 25 | -3.1% | 18.6% | ||
| Q4 24 | 17.2% | 20.1% | ||
| Q3 24 | 5.7% | 29.4% | ||
| Q2 24 | 12.5% | 15.9% | ||
| Q1 24 | -9.0% | 20.4% |
资本支出强度LFSTSPSC
| Q4 25 | 2.9% | 4.0% | ||
| Q3 25 | 2.8% | 3.2% | ||
| Q2 25 | 2.2% | 3.6% | ||
| Q1 25 | 2.2% | 3.4% | ||
| Q4 24 | 1.9% | 3.6% | ||
| Q3 24 | 1.6% | 3.2% | ||
| Q2 24 | 1.6% | 3.3% | ||
| Q1 24 | 1.7% | 2.4% |
现金转化率LFSTSPSC
| Q4 25 | 4.93× | 1.78× | ||
| Q3 25 | 25.34× | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | -4.36× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
LFST
暂无分部数据
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
